Wave Studio represents Romania in Deloitte ranking of the fastest growing start-ups

Romania is present in the main category of the Deloitte 2022 Central Europe Technology Fast 50 ranking of the fastest-growing start-ups in the region through the technology company Wave Studio, which specializes in mobile app development for Android and iOS.

Wave Studio ranks 22nd in the Deloitte list, with a growth rate of 1,319% of the revenues registered between 2018 and 2021.

Two more Romanian companies are also ranked in the Companies to Watch category, which includes the fastest-growing companies between 2019 and 2021 which do not meet the criteria for the main Fast 50 ranking yet. Pentest-Tools.com, the local start-up which created a cloud-based platform to perform penetration testing and vulnerability assessment, ranks 17th out of 25 start-ups, with a growth rate of 441%, while DRUID, the technology company specialized in developing intelligent virtual assistants dedicated to complex enterprise processes, ranks 19th, with a growth rate of 345%.

Hermix, Kinderpedia, and Tokinomo, also Romanian companies, are recognized by the Deloitte 2022 CE Technology Fast 50 program with the Impact Stars Award, which acknowledges start-ups for successfully linking products and services with a positive impact on society, business, innovativeness, environment, and diversity.

“Over the last two decades, the growth source of the technology industry in Europe has shifted from hardware to software, which now accounts for two-thirds of the industry revenue, according to a Deloitte analysis. This prevalence of software companies is also visible in the Fast 50 Central Europe competition, where they continue to dominate the main ranking, but also on a local level, where five out of the six companies included in the program represent the software sector,” said Andrei Ionescu, Partner-in-Charge, Consulting and Risk Advisory, Deloitte Romania, and Local Leader for Technology Fast 50 Central Europe competition.

For the second successive year, the winner of the main category of the ranking, which recognizes the fastest-growing technology companies in CE that have been operating for at least four years, is FTMO, a fintech from the Czech Republic, with a growth rate of 25,255%. It has developed an educational platform for traders on the financial markets that enables them to focus on risk management and disciplined trading to adopt best practices, avoid errors and reduce waste.

In order to be considered eligible for the main category of the CE Technology Fast 50 ranking, companies had to meet several financial criteria, such as having reported a minimum EUR 50,000 annual operating revenue in the first three years (2018-2020) and at least EUR 100,000 in 2021. They must also be headquartered in Central Europe and own proprietary intellectual property or technology.